Ecuador awards 20-year production sharing contract to New Stratus Energy, Sinopec-linked consortium

Reuters03-03

QUITO, March 3 (Reuters) - A consortium made up of subsidiaries of Chinese state energy giant Sinopec 600028.SS and Canada's New Stratus Energy NSE.V has been awarded a 20-year production sharing contract for Ecuador's most productive oil block, New Stratus Energy said in a statement on Monday.

New Stratus said the deal includes an upfront cash entry bonus of $1.5 billion, $600 million of which it will pay.

The government has said it does not have the funds or the technology necessary to increase production at the Sacha block, which is one of the country's oldest. The block produces about 75,000 barrels per day.

(Reporting by Alexandra ValenciaWriting by Julia Symmes Cobb)

((julia.cobb@thomsonreuters.com; +57-316-389-7187;))

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